How do I report Forex profits& losses?
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How do I report Forex profits& losses?
by Admins Thu Nov 12, 2015 10:54 am
Decide Your Filing Status
Determine your tax filing status as either an options and futures trader or an over-the-counter trader. Options and futures traders are typically career traders that operate with consistently high net profits. They receive a tax break on their gains and profits that are over 12 percent. Alternatively, over-the-counter traders receive a tax break on losses.
Report Your Income
Report your options and futures trading income on IRS Form 1040 under your capital gains and losses. If you file your taxes as an over-the-counter Forex trader, report your income as "other income" on IRS Form 1040.
References:
Investopedia: Forex Taxation Basics
Green Trader Tax: Forex and Tax Treatment
Determine your tax filing status as either an options and futures trader or an over-the-counter trader. Options and futures traders are typically career traders that operate with consistently high net profits. They receive a tax break on their gains and profits that are over 12 percent. Alternatively, over-the-counter traders receive a tax break on losses.
Report Your Income
Report your options and futures trading income on IRS Form 1040 under your capital gains and losses. If you file your taxes as an over-the-counter Forex trader, report your income as "other income" on IRS Form 1040.
References:
Investopedia: Forex Taxation Basics
Green Trader Tax: Forex and Tax Treatment
Admins- Posts : 13
Join date : 2015-11-12
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